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  • FIRST POST
    • w3w3w3
    • By w3w3w3 17th May 19, 3:41 PM
    • 18Posts
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    w3w3w3
    Aqua - Payment Requested and Contractual minimum payment...
    • #1
    • 17th May 19, 3:41 PM
    Aqua - Payment Requested and Contractual minimum payment... 17th May 19 at 3:41 PM
    Hi, I got my first credit card about just over a month ago with Aqua. It says Payment Requested: 5.80 by a certian date, so i paid this, and the amount went into my balance to spend, so i spent it the same day. My Contractual minimum payment says 0.00 so have i paid the min for this month then?


    I ended up going out down town (First time in years) and messed my money up lol. Its not a problem, as when i get paid start of month i will pay card off in full, no problem. I just don't wanna to miss a payment, or mess my card up, and not sure if i have paid up? or i still need to pay the requested? I can't post a pic, as im a new member, and it wont let me.


    Thanks!
Page 1
    • zx81
    • By zx81 17th May 19, 3:43 PM
    • 23,875 Posts
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    zx81
    • #2
    • 17th May 19, 3:43 PM
    • #2
    • 17th May 19, 3:43 PM
    As long as you made the minimum payment before the due date, you won't get late fees.

    But make sure you pay in full to avoid interest.
    • w3w3w3
    • By w3w3w3 17th May 19, 3:51 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    • #3
    • 17th May 19, 3:51 PM
    • #3
    • 17th May 19, 3:51 PM
    I paid the payment they requested, which i still have a couple of weeks to go for the date of it. I then spent it as it showed up on my balance to spend, contractual minimum payment is 0.00. So your saying as long as i sent a payment that they requested, i am good. Is that why the contractual min payment is at 0.00? Thanks by the way.
    Last edited by w3w3w3; 17-05-2019 at 3:59 PM. Reason: Edit: Makes more sense.
    • molerat
    • By molerat 17th May 19, 4:15 PM
    • 21,424 Posts
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    molerat
    • #4
    • 17th May 19, 4:15 PM
    • #4
    • 17th May 19, 4:15 PM
    As long as you have paid the minimum payment as shown on your statement between the statement date and the due date you have met your contractual obligations. Unless you are in a promotional 0% period you need to pay off the full statement balance by the due date shown on the statement to avoid paying interest though .
    Last edited by molerat; 17-05-2019 at 4:17 PM.
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    • Willing2Learn
    • By Willing2Learn 17th May 19, 5:47 PM
    • 4,451 Posts
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    Willing2Learn
    • #5
    • 17th May 19, 5:47 PM
    • #5
    • 17th May 19, 5:47 PM
    Hi, I got my first credit card about just over a month ago with Aqua. It says Payment Requested: 5.80 by a certian date, so i paid this, and the amount went into my balance to spend, so i spent it the same day. My Contractual minimum payment says 0.00 so have i paid the min for this month then?


    I ended up going out down town (First time in years) and messed my money up lol. Its not a problem, as when i get paid start of month i will pay card off in full, no problem. I just don't wanna to miss a payment, or mess my card up, and not sure if i have paid up? or i still need to pay the requested?
    Originally posted by w3w3w3
    I paid the payment they requested, which i still have a couple of weeks to go for the date of it. I then spent it as it showed up on my balance to spend, contractual minimum payment is 0.00. So your saying as long as i sent a payment that they requested, i am good. Is that why the contractual min payment is at 0.00?
    Originally posted by w3w3w3
    Yes, you have paid the minimum payment for this month. You have satisfied the contractual agreement.

    Do you understand that you will pay interest, in accordance with the amount shown on your Aqua statement, if you don't pay the full balance before the due date that is shown on your statement?

    You get paid at the beginning of next month, and have said that you will pay the balance at that point. Unfortunately, you will not be paying the full balance before the due date, which means you will be paying interest in the next monthly statement. Does that make sense to you?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • gettingready
    • By gettingready 17th May 19, 7:19 PM
    • 11,005 Posts
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    gettingready
    • #6
    • 17th May 19, 7:19 PM
    • #6
    • 17th May 19, 7:19 PM
    ... and Aqua adding interest BEFORE next statement may take you over your limit if you have used all your credit on the card now to the full - that would mean a fine
    • w3w3w3
    • By w3w3w3 17th May 19, 9:29 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    • #7
    • 17th May 19, 9:29 PM
    • #7
    • 17th May 19, 9:29 PM
    If i owe 450 say... How much "interest" would i end up paying, if i pay 450 when i get paid. I am a bit confused here?
    • phillw
    • By phillw 17th May 19, 9:39 PM
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    phillw
    • #8
    • 17th May 19, 9:39 PM
    • #8
    • 17th May 19, 9:39 PM
    I have no idea what your Apr is, but its common to be around 20 percent. If you leave 450 on the card for a month then it will cost you about 7.50. However if you always pay the previous statement balance by the due date then you never pay interest even though you may have spent the money up to two months ago. Even underpaying by a penny will trigger the clause that let's them charge you interest from the day you spent the money.
    • zx81
    • By zx81 17th May 19, 9:40 PM
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    zx81
    • #9
    • 17th May 19, 9:40 PM
    • #9
    • 17th May 19, 9:40 PM
    The interest depends on how long you borrow the money for and what APR you're charged.

    If you borrowed 450 for the full month, on a typical aqua APR of around 40%, it'll be around 15.

    If you clear the balance in full each month, then no interest.
    • w3w3w3
    • By w3w3w3 17th May 19, 9:44 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    Ah ok, i did think it would be around that. It is 35.5% APR I am sure, tho i have used it for cash withdrawel as well, and paid 3 fee each time, and i think APR goes abit higher. Paying 15 is no problem. as long as it wasnt in the 100's. Thanks! I used to pawn my stuff for 45 and pay 70 back... So being able to use 450 and pay 15-30 for the month(if i don't pay within month i use) i think is a fair deal and i am happy to do.


    EDIT: I am mainly using this for the odd money i need here and there, and to also use a LOT, and pay back to improve my credit score. On Experian my score is 683,
    Last edited by w3w3w3; 17-05-2019 at 9:46 PM.
    • zx81
    • By zx81 17th May 19, 9:47 PM
    • 23,875 Posts
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    zx81
    EDIT: I am mainly using this for the odd money i need here and there, and to also use a LOT, and pay back to improve my credit score.
    Originally posted by w3w3w3
    If you're taking out cash on the card and not clearing in full, lenders will view you as higher risk.

    Only spend what you can afford to repay in full and never take out cash.
    • Willing2Learn
    • By Willing2Learn 17th May 19, 9:50 PM
    • 4,451 Posts
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    Willing2Learn
    I am mainly using this for the odd money i need here and there, and to also use a LOT, and pay back to improve my credit score.
    Originally posted by w3w3w3
    Tip: Only spend on stuff that you normally spend out of your typical monthly budget. Stuff such as groceries and travel costs. That way you know all your spending is affordable.


    Tip #2: Set up a Direct Debit to pay the full balance each month. That way, you are guaranteed to pay zero interest.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • w3w3w3
    • By w3w3w3 17th May 19, 9:57 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    If you're taking out cash on the card and not clearing in full, lenders will view you as higher risk.

    Only spend what you can afford to repay in full and never take out cash.
    Originally posted by zx81

    Oh really? I did not know this? So taking out cash is a big NO then. Dam. Will this effect me much, if when i get paid on the 6th i pay in full, and never take cash out again?
    Last edited by w3w3w3; 17-05-2019 at 10:02 PM.
    • w3w3w3
    • By w3w3w3 17th May 19, 10:01 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    If you're taking out cash on the card and not clearing in full, lenders will view you as higher risk.

    Only spend what you can afford to repay in full and never take out cash.
    Originally posted by zx81
    Tip: Only spend on stuff that you normally spend out of your typical monthly budget. Stuff such as groceries and travel costs. That way you know all your spending is affordable.


    Tip #2: Set up a Direct Debit to pay the full balance each month. That way, you are guaranteed to pay zero interest.
    Originally posted by Willing2Learn

    Yea thanks! I did intend to do this.. i paid 250 off in the month, then used it again..(a lot was cash withdrawls tbh, not all... i thought they would like getting 3 off me each time?) then got asked to pay the 5 payment requested and paid that. Once i get paid, i just wanna pay it off, and use it better, i don't wanna damage a credit score, that i have only just got TBH. Last month, i would not even come up on credit reports, and this is my first credit card. I got accepted for a argos card today as well, which i don't plan on using, but hopefully that will add to my report, that other lenders trust me?
    Last edited by w3w3w3; 17-05-2019 at 10:03 PM.
    • zx81
    • By zx81 17th May 19, 10:05 PM
    • 23,875 Posts
    • 26,580 Thanks
    zx81
    , i don't wanna damage a credit score, that i have only just got TBH.
    Originally posted by w3w3w3
    It's not your score that it will damage. That's just a number that the CRAs make up - it doesn't mean anything and isn't used by lenders.

    It's how lenders will see you that matters.

    Having the Argos card and not using it won't help. You need to show lenders you can manage credit it. Use both cards at least occasionally and clear in full each month.
    • w3w3w3
    • By w3w3w3 17th May 19, 10:11 PM
    • 18 Posts
    • 1 Thanks
    w3w3w3
    If you're taking out cash on the card and not clearing in full, lenders will view you as higher risk.

    Only spend what you can afford to repay in full and never take out cash.
    Originally posted by zx81
    Tip: Only spend on stuff that you normally spend out of your typical monthly budget. Stuff such as groceries and travel costs. That way you know all your spending is affordable.


    Tip #2: Set up a Direct Debit to pay the full balance each month. That way, you are guaranteed to pay zero interest.
    Originally posted by Willing2Learn
    It's not your score that it will damage. That's just a number that the CRAs make up - it doesn't mean anything and isn't used by lenders.

    It's how lenders will see you that matters.

    Having the Argos card and not using it won't help. You need to show lenders you can manage credit it. Use both cards at least occasionally and clear in full each month.
    Originally posted by zx81

    Yep thanks! I plan on using the Aqua card for my normal day to day things i would with bank card, and pay in full each month, i just messed it up a lil this month. I hope i am still all good and for the future and this has not effected me. No more cash withdrawls for me.
    • Frugal88
    • By Frugal88 20th Sep 19, 1:18 PM
    • 1 Posts
    • 0 Thanks
    Frugal88
    Could be worth clarifying
    Yep thanks! I plan on using the Aqua card for my normal day to day things i would with bank card, and pay in full each month, i just messed it up a lil this month. I hope i am still all good and for the future and this has not effected me. No more cash withdrawls for me.
    Originally posted by w3w3w3
    Understand I'm somewhat late to the party but just a heads up regarding Aqua and what possibly could be a slight confusion with payments.

    1. Payment Requested (Suggested additional payment)
    2. Statement Date
    3. Payment Due Date

    From past experience Aqua (online/App) will show 5.00 Requested Payment and 0.00 Contractual Agreement Amount, if the statement hasn't been released.

    It's important to note that any payments made before the statement date will not contribute to the contractual agreement amount, this is just a somewhat top up payment. Anything paid after the Statement Release Date and before the Due Date will contribute to the contractual agreement amount.

    It seems you may have paid the "top up payment" but not necessarily towards the statement as this hadn't been released.

    Hope all is well!
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